Services provided by housing societies across the country will not become expensive under the Goods and Services Tax (GST) system, the government said on 14th July 2017.
A RWA shall be required to pay GST on monthly subscription/contribution charged from its members if such subscription is more than Rs 5,000 per member and the annual turnover of RWA by way of supply of services and goods is also Rs 20 lakh or more.
GST affects every part of the business, right from financial reporting and tax accounting to supply chain, technology enablement and contracts redesign.
The need of the hour is to ensure that the GST registration process is complete and the IT, billing and enterprise resource planning (ERPs) are suitably rejigged to fulfil statutory obligations.
The infrastructure sector is the backbone of the Indian economy. The government has been making efforts to boost the sector through various schemes and incentives.
While there is apprehension that a flat GST rate of 18% would lead to increased incidence on infrastructure projects, availability of input tax credits would neutralize such concerns. Thus, contractors and suppliers could look forward to a simpler and efficient tax regime
Traders, small businessmen, manufacturers and suppliers are studying various tax implications after the much-awaited launch of GST or goods and services tax on July 1, 2017.
Many exporters expect GST to boost competitiveness in the outward shipments with reduction in transaction cost in the long run. The Central Board of Excise Customs or CBEC has come out with few guidelines in a bid to simplify indirect tax implications under the new system.
GST e-way bill is an electronic bill which will be required for the movement of goods in case the value of the goods are above 50 thousand rupees. When an eway bill is generated a unique eway bill number (EBN) is allocated and is available to supplier, recipient, and the transporter.The bill can be generated from the GSTN portal and every registered taxpayer must require this e-way bill along with the goods transferred.